A Pakistan real estate tycoon just paid a $250 million settlement in a corruption investigation, and everyone's wondering how he got so rich
every time he mentioned his name. Mainstream newspapers ran cautious stories. Forget opinions and investigative features.
Riaz’s family had purchased the Hyde Park property from Hassan Nawaz, a son of former prime minister Nawaz Sharif, who himself faces a corruption enquiry. The Pakistan government has refused to divulge details about the settlement, saying it has been reached under aRiaz himself tried to spin the story by saying he’s simply bringing back money kept in foreign accounts, saying he has sold the property. In August, the NCAcontaining more than $150 million, which were suspected to be profits linked to kickbacks and bribes. Those accounts belonged to Malik Riaz.
“No one is developing real estate property like he does. Even his critics would want to go and live in his housing projects,” says a Karachi-based builder, who asked not to be named.
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